Why I hate Banks and love Bitcoin :-> - page 7.

XFlowZion

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.

A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished. Angry

If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service. Angry

I don't think your argument is valid because even if you pay bitcoin, these TV subscription companies will still need to follow their policies no matter how fast you made your payment. They will surely go in the process of auditing and the other people who will approve it are also processing the other payment so it's obvious that people who paid first will go through.

goaldigger

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.

A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished. Angry

If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service. Angry

I dont know if the banks on my country is the same as others but i will state how banks and time work.

Deposit
*If its cash, its usually a minute right after the money was deposited to a teller or entered into machine.
*If its check, it will depend on either clearing time usually 2pm, branch where it come from and other banks. I will say its safe to say it will process within 1 to 3 days.

Bills payment
So if you are referring to bills like what your story told, its the same here which has a minimum of a day to reflect. Some merchants have even more process time which extends upto 3 to 7 days also depends on the mode of payment which can be cash or credit card.

mazdafunsun

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished. Angry

If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service. Angry

I dont believe that this is about banks ad crypto.
Your service provider could have good webpage where one can easily pay with bank or credit debit card and get the service renewed ASAP.

partysaurus

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.

A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished. Angry

If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service. Angry

stories like this is why we need btc and crypto, and i cant even remember all the times i have been waiting for money just to realise its a red day so the banks are closed so no money is sent then, its absurd.

Nellayar

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Roobet supporter and player!

I just remember how the banks tripled the loan interest of my sister. They loaned in a bank because of personal uses. But it ends up high. As of now, they have the difficulties in paying their loan. I hate banks also. I prefer to save and invest using my cryptocurrency wallet than to invest it in banks.

hirngespenst

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This is why we need more Bitcoin adoption in real life. If we can use BTC as our daily payment method, just think how our life will become easy and joyful! I hate the banks, Payoneer and other currency where they always cut the extra fee by knowing you or without knowing! So, BTC is the solution here! Though it's transaction speed needs to improve

kingpin4321

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Your bank also has some blame to take. I do transcation and transfer with my bank and it doesn't take longer than 5minute. But still bitcoin is the best in terms of transferring funds across and at cheaper rate as compared to banking system

Finestream

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Quote from: shield132 on June 06, 2019, 05:05:44 PM

To be fair transaction's speed/fees aren't that much issue for me because where I live, it's cheap in overall but banking system is absolutely suited on making people poor by how much percentages in overall they have on different services, how high % they have on loans in some countries, how they block your account in seconds for some reasons and etc. Bitcoin is great because you own and manage your wallet, no one can control your movements and you feel secure where your money is in your hands and not in banks' hands. Another great bonus is cheap fees and high speed of transaction confirmation + a lot of services have integrated instant deposit which makes bitcoin more unique and affordable compared to any banking service. In overall this coin is great creation and deal to get rid of banks.

Exactly.Bitcoin is created so we can make more convenient and fast transactions compared to banks.And the fact that it has lesser transaction fees,then it would be very helpful for us especially if the government would come up adopting bitcoin so we can fully use bitcoin in all our daily transactions.

shield132

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To be fair transaction's speed/fees aren't that much issue for me because where I live, it's cheap in overall but banking system is absolutely suited on making people poor by how much percentages in overall they have on different services, how high % they have on loans in some countries, how they block your account in seconds for some reasons and etc. Bitcoin is great because you own and manage your wallet, no one can control your movements and you feel secure where your money is in your hands and not in banks' hands. Another great bonus is cheap fees and high speed of transaction confirmation + a lot of services have integrated instant deposit which makes bitcoin more unique and affordable compared to any banking service. In overall this coin is great creation and deal to get rid of banks.

sandra_x

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It gets even better, not only can you make payment easily with bitcoin but also, we are getting to that stage where you can actually program your periodic payments with some smart algorithms. Bitcoin is programmable money,that's is another reason it beats fiats and any other form of money,

pixie85

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I had that happen to me once with my Internet but I called the company and told them that it was an honest mistake and that I will pay right now just need them to resume the service so I can log into my bank account. I was online 10 minutes later and had no problems ever since.

Quote from: Evgenklm on June 05, 2019, 06:14:09 AM

A good alternative to the type of payment, I agree that the Bank payment can be credited within a day, and if also on the weekend payment, you can wait a few days.With bitcoin much easier, this tool would make life easier in the service industry.

I disagree that it's much easier with bitcoin. Logging into your bank account and sending is still much easier than copying the address and double checking if it's the right one then making sure the fee is set right.

Gaff

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Quote from: hatshepsut93 on June 06, 2019, 10:12:57 AM

Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

I had a similar story, recently my internet provider bumped their prices, but I didn't notice it and paid the old price, so they cut my connection off. I phoned them and explained the situation, they immediately restored my connection and gave me 24 hours to pay the rest of the sum, I logged into by online bank, send them the money which confirmed instantly, end of the story.
So, the speed and overall user experience is not universal to all banks, and from what I've heard banks in the US are notoriously bad, while in Europe they are pretty good. The most important difference between Bitcoin and banks is that Bitcoin let's you control your money, which is a guarantee that no one will take your money away.

The statement was really subjective and aggressive which concluded that hated banks totally, so the love of bitcoin begun because of every bad experiences from banks. If you belong to the banks, I don't think your freedom remained that easy and comfortable. Unlike with bitcoin our financial liberation was there, and banks cannot overpower us in terms of how we use the funds that we had. There's no barrier to consider when it comes to transactions due to blockchain technology that gives us faster service that we needed to comply our required task for the crypto funds that we have.

jhongzjhong

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https://bmy.guide

Quote from: javainn on June 06, 2019, 11:44:11 AM

Quote from: Astvile on June 03, 2019, 01:59:49 AM

This is why bitcoin would help us alot if just the government will adopt it as payment method for every available services.
Bank and wire transfers takes 1-3 days of processing and when the transaction is done you still need to wait for few hours for the service the back lol.While in bitcoin the longest time you need to wait for a transaction to be confirmed is just about an hour.

the main problem with the bank is the length of payment confirmation, maybe if true bitcoin can be used for that in the sense that payment can be a solution and can be an easy thing for the transaction system.

Honestly, it is very basic to say that the bank could also adopt the blockchain technology for faster transactions even without accepting bitcoin. The blockchain technology is the real thing and not the cryptocurrency. What I mean is, if the bank will adopt the blockchain technology, then that is the time that they can copy or even develop their transactions. Same as bitcoin's efficiency or much faster.
I can tell that the financial institutions are now open for the possibility of adopting the blockchain technology or at least make another set of algorithms that is similar to blockchain. I also guess that Paypal has already done this thing.

javainn

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Quote from: Astvile on June 03, 2019, 01:59:49 AM

This is why bitcoin would help us alot if just the government will adopt it as payment method for every available services.
Bank and wire transfers takes 1-3 days of processing and when the transaction is done you still need to wait for few hours for the service the back lol.While in bitcoin the longest time you need to wait for a transaction to be confirmed is just about an hour.

the main problem with the bank is the length of payment confirmation, maybe if true bitcoin can be used for that in the sense that payment can be a solution and can be an easy thing for the transaction system.

oseikuf44

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.

A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished. Angry

If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service. Angry

It is unfortunate that the satellite provider don't offer Bitcoin or crypto as a form of payment, but as the competition continues with innovative merchants getting bitcoin as payment processor, all will join soon when the going get tough. Banks with their offline service and holiday periods will make bitcoin outnumber them.

Biswa7

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I am heat bank beacause their is the tendence of cething.when i keep the money to bank l doesn't fill safe.because their is a tendency to lost money.because in now days we see that hankers are hank the bank account and my money is gone.bankers are involved with hankers and polcie man also.so they are gate the courage.so i hate bank

hatshepsut93

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

I had a similar story, recently my internet provider bumped their prices, but I didn't notice it and paid the old price, so they cut my connection off. I phoned them and explained the situation, they immediately restored my connection and gave me 24 hours to pay the rest of the sum, I logged into by online bank, send them the money which confirmed instantly, end of the story.
So, the speed and overall user experience is not universal to all banks, and from what I've heard banks in the US are notoriously bad, while in Europe they are pretty good. The most important difference between Bitcoin and banks is that Bitcoin let's you control your money, which is a guarantee that no one will take your money away.

Dontme

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Quote from: Kakmakr on June 03, 2019, 01:52:58 AM

I pay for my monthly satellite TV subscription with a bank transfer and for some obscure reason I forgot to pay it this month. I was still watching the World cup Cricket tournament, when a message popped up, saying that my account was in the arrears and they blocked my viewing.

I immediately logged into my internet Banking and checked my payment history and realized that I skipped that payment for some reason, so I made the payment and thought I would wait for a hour or two and then resume viewing. Noooot!

8 HOURS passed, I phoned the company and they informed me that the payment is not reflected on their system yet, so I waited another 4 hours and phoned them again.

A whole 21 hours later the payment went through and I could continue viewing, but the match I wanted to see was finished. Angry

If I paid with Bitcoin, this same payment would have taken less than 20 minutes at most, but unfortunately this Satelite provider does not accept Bitcoin payment for this service. Angry

Bitcoin should get a bigger shot on these big companies, they must learn how to adopt it. Really, Bitcoin provides a lot of ease for it`s users, things that banks and other payment platform that can`t provide.

Raja das

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There are many reasons why we love bitcoin and hate banks.
I also discuss this topic:-

BITCOIN:
we know bitcoin is a currency of the internet.
it is a traditional currency, it has permission to use (from banks, trading business, the government also).
it is easy to use (P2P currency ), and bitcoin transactions are very low-cost, much less than central payment networks.
we don't need to provide your email, name or any identifying information when you making P2P transactions.

BANK:
If all the people decide to withdraw their money from the bank, all at once, the bank will become bankrupt.
Due to the function of credit creation, banks never have enough money to pay all its customers at the same time.
People, without a doubt, will lose their money if the bank goes bankrupt.

Bitcoin is better than the banking system.

Bes19

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Bitcoin is better when it comes on payment coz it's faster than any other payment services. What i love about bitcoin/cryptocurrency is you can make your money x2 in minutes while in bank they offer a minimal percentage annually.

Topic: Why I hate Banks and love Bitcoin :-> - page 7. (Read 9021 times)